Victoria notes price at par to yield 3.625%; terms

Victoria PLC on Feb. 24 priced bonds via global coordinators Credit Suisse (B&D) and HSBC and joint bookrunners ING and NatWest. The notes came tighter than guidance, and were upsized by €150 million. Proceeds will be used for general corporate purposes (this is €250 million to fund future M&A), and to finance a €250 million redemption of the company's €500 million of 5.25% secured notes due 2024.

The 2024 bonds are not callable until July, and are therefore being refinanced via the 10% at 103 special redemption, and then via a tender offer at 104.

Victoria is the largest carpet manufacturer in the U.K. and the second-largest carpet manufacturer in Australia with a roughly 14% market share apiece. Terms: